News Highlights Saturday 8 March 2008

- The Straits Times, S25


Dubai’s $5b sports oasis
Dubai is building world’s biggest sports venue which is 17 times bigger than the Singapore Sports hub. Nearing completion on grounds which cover 4.6 million square metres, the US$4 billion (S$5.5 billion) Dubai Sports City includes an outdoor stadium for 60,000 audience, cricket stadium for 25,000, indoor stadium for 10,000, hockey stadium for 5,000 and Ernie Els-designed 18-hole championship golf course. More than 900 villas and town houses are under construction on the fringes of the gold course. Also planned are additional homes and apartments to house 65,000 people, a hospital specializing in sports medicine, shopping mall with leasing capacity of 130,000 sq m, and two hotels.



- The Straits Times, S32


China lifts ban on foreign investments in stock market
In a move to bolster the slumping market, China has reopened its stock market to fresh investment from abroad with its first approval for a new foreign investor in more than a year. An unnamed foreign government fund has recently been granted the China’s Qualified Foreign Institutional Investor (QFII) qualification. The latest official moves reinforce the view that China’s stock market remains a policy-dominated market, used by Beijing to aid fund-raising by state-owned firms and as an investment channel for an increasingly wealthy population.



- The Straits Times, P16


Mortgage war breaks out as DBS and UOB offer new rates
Following Maybank’s offering of three-year, fixed-rate package at 1.68% for the first year, other banks are tacitly matching or undercut Maybank’s rates. DBS has a new three-year, fixed-rate package with an aggregate rate of 7.64%, lower than Maybank’s 7.74%. It offers a 1% cash rebate in the first year. The three-week promotion is only for customers with loan quantums of at least $300,000. UOB has revived its FirstZero Home Loan – a three-year, fixed-rate package, with a 0% on the first year, 3.6% on the second, and 4.5% on the third, making a three-year aggregate rate of 8.1%. It has hefty penalty charges and a three-year lock-in period. Standard Chartered Bank has, in January, cuts its three-year, fixed-rate package from 3.58% to 2.98%. It also cuts its two-year package to 2.88%. OCBC has not joined the fray. The most popular packages now are those linked to transparent rates, like SIBOR or swap offered rate (SOR).



- The Busines Times, P1


F1 ‘rooms with a view’ may not have a view
Sources said that Singapore GP Pte Ltd, the organizer of F1, is likely to put up fencing and advertisement hoardings which could obstruct view from ‘unofficial’ locations such as hotels and high-rise office buildings. There are also plans for a lighting system that could make watching the race from these locations very hard. Bookings have been strong for the race week at up to three times the normal rates. Most hotels are not offering any kind of ‘view guarantee’.



- The Busines Times, P1


Porsche to participate in F1 Grand Prix
Supercar maker Porsche yesterday announced details of its participation in September’s Singapore F1. Singapore will host a leg of this year’s Porsche Carrera Cup Asia season as a prelude to the F1 race. And next Friday, March 14, a one-day event called Porsche Pit Stop Singapore will be held to boost public interest in the Porsche brand and motorsport in the lead-up to the Carrera Cup race. Organized with the Porsche Club Singapore and Porsche distributor Suttgart Auto, a convoy of 100 Porsche cars will travel from Dempsey Road to the Padang along Orchard Road. Porsche will officially launch its new Cayenne GTS here.



- The Busines Times, H8


The new playground @ Big Splash opens today! (advertisement)
“Come on down to the latest beachfront lifestyle hub at East Coast Park for a fun-filled day with your family and friends. With exciting games and performances, unbelievable bargains, fantastic prizes and dazzling fireworks you won’t want to leave…” Amazing fireworks display at 7.45pm. For more information, check out www.playground.com.sg



- Channelnewsasia, 7th March 2008


Singapore revamped Big Splash opens Saturday
The revamped Big Splash could well be the next Tanglin Village, except instead of partying the night away in the lush greenery surrounding the Dempsey area, you could find yourself nursing a leisurely cocktail while enjoying the languid breeze and a grand view of the sea. Launching on Saturday with a huge carnival-like celebration is Playground & Big Splash — the newest “lifestyle destination” joining the likes of Tanglin, Clarke Quay and Rochester Park. The water slides and pools might be gone but in their place as part of the $6-million revamp are 19 lifestyle and F&B tenants, including old stalwarts LillyPutt, Singapore’s first themed indoor mini golf course, and Seafood International Market and Restaurant.
Joining the two veterans is an eclectic array of establishments ranging from swanky gastro bar and restaurant 1 TwentySix by One Rochester, to Indian Times by the Kinara Group of Restaurants, to Sushi Tei’s swish new designer outlet. Even burger chain Carl’s Jr is here with its first drive-through branch in the Asia-Pacific region.
Food lovers often head to the East Coast in search of good food, recreational and lifestyle pursuits. Besides that, the sea view, which is a virtual stone’s throw away from the Central Business District, was another attraction. All in all, it is expected some 5,000 visitors each weekday, with the number jumping to between 8,000 and 10,000 on weekends.